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Fire Resistant Tapes Market Competitor Analysis and Outlook Report 2024-2033
Fire Resistant Tapes Market Size
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According to The Business Research Company's, The fire resistant tapes market size has grown strongly in recent years. It will grow from $0.75 billion in 2023 to $0.81 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to stringent safety regulations, growing awareness, industrialization and urbanization, infrastructure development, and an and an increasing incidence of fires.
The fire resistant tapes market size is expected to see strong growth in the next few years. It will grow to $1.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to demand from emerging economies, sustainable solutions, rising investments in safety, expansion in end-user industries, and demand from the healthcare sector. Major trends in the forecast period include the integration of fire safety systems into smart building solutions, the integration of smart technologies, advancements in material science, customized solutions, and environmentally friendly and safer materials.
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Market Drivers and Trends:
The rapid growth in the construction industry is expected to propel the growth of the fire-resistant tapes market going forward. The growth in the construction industry is driven by increasing urbanization and population growth, which necessitates infrastructure development such as housing, commercial buildings, and transportation networks. Additionally, government initiatives, investments in smart city projects, and advancements in construction technologies are accelerating growth by improving efficiency and sustainability in building processes. Fire-resistant tapes are used in the rapid growth of the construction industry to enhance fire safety measures, comply with building codes, and protect critical building components from fire hazards. For instance, in February 2023, according to the Office for National Statistics, a UK-based statistics authority, there was a 5.6% annual growth in construction output in 2022, following a significant 12.8% increase in 2021. Therefore, rapid growth in the construction industry will drive the growth of the fire-resistant tapes market.
Major companies operating in the fire-resistant tapes market focus on advancements in materials and technologies with self-extinguishing and halogen-free tapes to meet stringent safety standards and enhance fire protection capabilities in various industries. Self-extinguishing and halogen-free tapes are advanced materials designed to improve fire safety by extinguishing flames and minimizing toxic emissions when exposed to fire. For instance, in June 2022, Tesa Tapes Pvt. Ltd., a Germany-based manufacturer of adhesive tape solutions, launched flameXtinct, which was initially proven effective in construction and is now expanding into the transport and passenger transport sectors. Notably, these tapes feature self-extinguishing properties and are entirely halogen-free, ensuring enhanced safety and compliance with fire safety standards in critical environments.
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Major Key Players of the Market:
Compagnie de Saint-Gobain S.A., 3M Company, Henkel AG & Co. KGaA, Berry Global Inc., E. I. du Pont de Nemours and Company (DuPont), Avery Dennison Corporation, Nitto Denko Corporation, H.B. Fuller Company, Boyd Corporation, tesa SE, ORAFOL Europe GmbH, Rogers Corporation, Lohmann GmbH & Co. KG, Shurtape Technologies LLC, Achem Technology Corporation, Permacel, CCT Tapes, Advance Tapes International Ltd., Tekra LLC, GERGONNE - The Adhesive Solution, AI Technology Inc., Scapa Group Ltd., Americover Inc., Tape-Pak Inc., Nichiban Co. Ltd.
Fire Resistant Tapes Market 2024 Key Insights:
• The fire resistant tapes market size is expected to see strong growth in the next few years. It will grow to $1.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Impact Of Rapid Construction Industry Growth On Fire-Resistant Tape Market
• Innovations In Self-Extinguishing And Halogen-Free Tapes For Fire Safety
• Asia-Pacific was the largest region in the fire resistant tapes market in 2023
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